Sharon Olalia

The Australian sharemarket is off by 0.2pct or 10.8pts to 4666.1 being led lower by weakness in both our largest banks and miners.

The Australian Dollar has opened weaker this morning and is trading just above USD 0.9700 after yesterday's tension in Korea following the North Korea artillery fire on a South Korea island, killing two people.

The Aussie opens sharply lower today at 0.9710 as risk appetite took a nosedive overnight. In the absence of any market-moving economic data, European sovereign debt concerns continued to occupy the minds of investors during local trade on Tuesday.

U.S. stocks steepened their decline Tuesday after the Federal Reserve downgraded its U.S. economic projections in the minutes of its latest meeting, citing worse than expected growth.

The Commerce Department upwardly revised its estimate of September quarter growth from 2pct to 2.5pct.

The Government's proposals to reshape the business research and development tax incentive remain of serious concern to industry and need further consideration before being passed by the Senate, according to the Australian Industry Group.

The Australian share market dived more than one per cent on Tuesday as uncertainty over European sovereign debt troubled investors on a day with few economic indicators to provide direction.

Local stocks were heavily sold off in afternoon trade, as worries about Eurozone debt contagion and weakness in the Asian region unsettled investors

The Australian Industry Group today lodged a submission in support of its application to Fair Work Australia (FWA) to clarify public holiday penalties over the Christmas/ New Year period and to avoid unnecessary cost and confusion.

Sigma Pharmaceuticals (ASX: SIP) says it has now reached formal agreement with Aspen Pharmacare Holdings Ltd group of companies on the terms and conditions of the sale and the ongoing relationship between them. On August 16, 2010, Sigma announced that it had agreed in principle to sell its pharmaceuticals division to Aspen for A$900 million.

Metcash Ltd (ASX: MTS), the country's largest wholesale and distribution company, today openly defied the Australian Competition and Consumer Commission by announcing its plan to pursue its attempted takeover of Franklins.

Local stocks have followed US and European markets lower in early trade, with investors concerned other Eurozone countries may join Ireland in requiring a financial bailout.

A growing field of analysts and industry insiders is warning that new capacity shortages are looming beyond 2011, although supply and demand in the container shipping industry appears in balance for next year.

Retail and financial services company Thorn Group Ltd (ASX: TGA) has reported a 38 per cent lift in net profit for the six months to September 30, 2010 to $11 million (2009: $8M).

One in four Australians dealt with financial trouble in the last 12 months, according to new research released today by Citibank.

The AUD has opened slightly weaker this morning as some risk aversion trading came into play overnight with continued concerns over Europe.

The Aussie (0.9860) moved above US99 cents during domestic trade on Monday after some short-term relief was provided to markets with the announcement of the European Union's (EU) bailout plans for Ireland.

U.S. stocks fell Monday as bank shares were hurt by worries about a broad insider trading probe and energy shares took a hit from falling oil prices.

The Chicago Fed National Activity Index improved from -0.52 to -0.28 in October. A zero value indicates the national economy is expanding at historical trends.

The Australian stock market has closed higher on a day when trade was dominated by the public float of Queensland freight railways, QR National.

Australian wireless broadband services provider BigAir Group Ltd (ASX: BGL) says it intends to make an off-market takeover bid for rival Clever Communications Australia Ltd (ASX: CVA).

Australia's economy has felt a bigger shock from the recent flight of the local dollar than it would have from the introduction of a carbon price, according to a report released today.

Official figures from the Australian Bureau of Statistics (ABS) today show a property boom in Tasmania's Central Highlands.

Gas and oil explorer Bow Energy (ASX: BOW) says this year's exploration has positioned it as the holder of one of the largest uncommitted 3P gas reserves in Queensland.

Local stocks have kick-started the trading week on a healthy note, with investor sentiment boosted by more clarity surrounding the Ireland bailout package and China's decision to tighten monetary policy.

Westpac Banking Corporation (ASX: WBC) has extended its infrastructure outsourcing relationship with IBM for another five years. The bank's initial contract with IBM was signed 10 years ago for an initial total value of $2.3 billion.

Shopping mall landlord Westfield Group (ASX:WDC) today announced an agreement to sell a 50 per cent interest in the retail component of Westfield Stratford City for GBP 871.5 million ($A1.41 billion) to a new joint venture comprising APG of The Netherlands and Canada Pension Plan Investment Board (CPPIB).

Recruitment company Humanis Group Ltd (ASX: HUM) today announced it has entered into a binding Heads of Agreement (HOA) with resource industry service provider ResCo Services Pty Ltd in which Humanis will acquire ResCo for $13.4 million through the issue of Humanis shares at $0.01 per share.

Spending across Australia continued to be snail-paced in October after contracting for 10 consecutive months, according to the latest Commonwealth Bank Business Sales Indicator (BSI) released today.